April CEO Departures Reach 94, Financial Leads

Turnover among the nation’s chief executive officers rose slightly in April as 94 announced their departures during the month.  That is 9.3 percent higher than the 86 CEO exits in March, according to the latest report on chief executive officer turnover released Wednesday by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.

April departures were 4.4 percent higher than the same month a year ago, when 90 CEO changes were recorded.

Through the first four months of 2013, 403 CEO departures have been announced, which is 2.0 percent fewer than the 411 tracked over the same period in 2012.

Get the full report here.

US Employers Announce 49,255 Job Cuts In March

The nation’s employers reported job cuts totaling 49,255 in March, a decline of 11 percent from the 55,356 cuts announced in February, according to the latest report on downsizing activity released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.  Despite the decline, quarterly job cuts reached their highest level since 2011.

March job cuts were 30 percent higher than a year ago, when employers announced plans to shed 37,880 workers from their payrolls.  This marks the second consecutive month and the fourth time in the last six months that the job-cut total was higher than the year-ago figure.

Employers have now announced 145,041 job cuts through the first three months of 2013.  That 5.6 percent higher than the previous quarter’s 137,361 job cuts and 1.4 percent higher than the 143,094 job cuts announced in the first quarter of 2012.  The first-quarter total is, in fact, the highest quarterly tally since 233,258 job cuts were tracked in the third quarter of 2011.

Get the full report here.

January Job Cuts Rise 24%

The nation’s employers announced plans to cut payrolls by 40,430 jobs in January, up 24 percent from 32,556 in December, according to the latest report on planned job cuts released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

While January job cuts were up from the previous month, they were 24 percent lower than the 53,486 layoffs announced by employers the same month a year ago.  This was, in fact, the third lowest January total in Challenger records going back to 1993.  The only years to see fewer January job cuts were 1995 (38,962) and 2011 (38,519).

Not only was the January total among the lowest on record, but it appears that the planned layoffs announced last month will be more than offset by planned hiring.  Planned hiring announcements, which represent a small fraction of the actual hiring activity in the economy, totaled 60,585 in January.

Get the full report here.

2012 Year End Job Cut Report: Lowest Annual Total Since 1997

After three consecutive months of  increased layoff activity, the number of  planned job cuts announced in December plunged to 32,556, the second lowest monthly total of 2012.  Overall, the year ends with the lowest 12-month job-cut total since 1997, according to the latest report from global outplacement consultancy Challenger, Gray & Christmas, Inc.

The 32,556 planned job cuts announced last month were 43 percent fewer than the 57,081 November cuts.  The December total was 22 percent lower than a year ago, when employers announced 41,785 in the final month of the year.  The only month in 2012 to see fewer job cuts than December was August, when job cuts totaled 32,239.

Despite the December decline, planned layoffs in the fourth quarter were up 33 percent from the previous quarter.  Employers announced 137,361 job cuts in the final three months of year, compared to 102,910 in the third quarter.  The third-quarter total was the lowest quarterly total since 81,568 job cuts were announced in the second quarter of 2000.

Due in large part to the slow pace of downsizing in the third quarter, annual job cuts totaled 523,362, which is the lowest year-end total since 1997, when employers announced 434,350 job cuts during the year.  The 2012 total was 14 percent lower than the 606,082 job cuts announced in 2011.

Get full report here.

July Job Cuts Hold Steady at 36,855

Planned layoffs declined for the second consecutive month in July, as employers announced job cuts totaling 36,855, down 2.0 percent from 37,551 in June, according to the latest job cuts report released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

Job cuts last month were down 45 percent from a year ago, when employers announced plans to cut 66,414 workers from their payrolls in July.  This is just the third time this year employers announced fewer cuts than the same month in 2011.

Overall, employers have announced 319,946 job cuts so far this year.  The pace of downsizing is virtually even with a year ago; up just 2.5 percent from the 312,220 planned layoffs announced from January through July.

July job cuts were led by employers in the financial sector, which announced 6,156 planned layoffs during the month.  That is largest number of monthly job cuts announced by this industry since January, when financial job cuts totaled 7,611.

Read the full report here.

Citi Cuts Add To Financial Sector Job Woes

MORE WALL STREET JOB CUTS REVEAL ONGOING TROUBLES FOR BANKS

Citigroup announced a round of job cuts today that will impact about one percent of its global workforce.  That amounts to roughly 3,000 workers, mostly from its securities and banking unit.  Through October of this year, financial firms have announced 54,510 planned job cuts, up 161 percent from the 20,886 job cuts announced from January through October a year ago, according to layoff tracking by global outplacement firm Challenger, Gray & Christmas, Inc.  The largest banking cut this year came just two months ago, when Bank of America announced in September that it would shed about 30,000 workers over the next few years.  “Banks are still in bad shape following the recession and there are still a mountain of problems they must navigate, including the European debt crisis, the millions of foreclosed-on homes sitting on their books and record low interest rates.  While many industries can say, ‘the worst is over,’ the banking industry is still waiting for the other shoe to drop,” saidJohn A. Challenger,CEOof Challenger, Gray & Christmas.

Top Financial Job Cut Announcements, 2011 YTD

Bank ofAmerica

30,000

Bank ofAmerica

3,500

Citigroup

3,000

Bank ofAmerica

2,500

WellsFargo

1,900

Synovus Financial Corp.

1,150

Goldman Sachs

1,000

DOES GOLDMAN SACHS LOSS PORTEND MORE BANKING SECTOR JOB CUTS?

Yesterday’s news that Goldman Sachs reported a loss of $393 million in the third-quarter raises the possibility of more job cuts in the financial sector. The slowdown in the economy and worsening debt crisis in Europe is taking a toll on U.S. banks, many of which are still struggling to recover from the 2008-2009 financial collapse. Last month, Bank of America announced plans to reduce its headcount by 30,000 over the next few years. Over the last three months, Goldman Sachs’ payroll dropped by 1,300. Through September, the financial sector has announced just over 54,000 job cuts, up from about 19,000 at the same point a year ago. “Outside of government, the sector with the biggest potential for future mass layoffs is the financial sector. Not only is the economy struggling, but the European financial crisis is looming. A collapse across the Atlantic will quickly ripple through the U.S. economy and the first sector it will hit is the financial sector,” said John Challenger, chief executive officer of Challenger, Gray & Christmas. In 2008, in the wake of the housing collapse, the financial sector announced a record 260,110 job cuts. “If the economy doesn’t improve and Europe implodes, we could see similar fallout in 2012,” Challenger warned.